Refurbished Medical Devices Market Overview
The refurbished medical devices market size is estimated to grow at 11.7% CAGR to reach USD 20.20 billion by 2027,as stated by Market Research Future (MRFR) report. The growing prevalence of cancer and cardiovascular diseases are responsible for the stupendous performance of the refurbished medical equipment market significantly. Moreover, increasing privatization in the healthcare sector, elevated demand for low-cost medical devices due to financial constraints and growing adoption of refurbished medical devices in several nations have shaped the refurbished medical equipment market size positively. In addition, the massive geriatric population base, the growing popularity of medical tourism and increasing number of diagnostic imaging procedures outline the positive outlook of the market.
However, the market sometimes runs into bottlenecks on account of the lack of awareness regarding refurbished medical devices. But the restraining factor does not affect the market on a large level due to several opportunities stemming from growing number of diagnostic centers & hospitals, which leads to massive demand for refurbished medical devices. Moreover, recent market trends observed by MRFR include adoption of cost-cutting measures and focus towards value-driven healthcare, which changes the dynamic of the market significantly.
There are various factors that is driving the growth of the Refurbished Medical Devices Market according to MRFR (Market Research Future) Report. These include huge patient population base having chronic diseases mainly cardiovascular diseases and cancer, rising need for low-cost medical devices owing to budget constraints especially in developing nations, rising number of private hospitals that invests in refurbished devices, unfavorable reimbursement scenarios, growing initiatives undertaken by the top medical device manufacturers, cost constraints, increase in geriatric population, immense growth of private healthcare institutions and increasing privatization. However, on the contrary, factors such as the reluctance to buy refurbished medical devices owing to lack of awareness regarding the advantages of using such devices, lack of standardization of policies associated to the use and sale of refurbished medical devices, strong regulatory practices, lack of support from the government bodies, huge taxes to import medical devices and inefficient reimbursement policies may hinder the growth of the refurbished medical devices market.
The global refurbished medical devices market is segmented on the basis of diagnostic and therapeutic devices.
Diagnostic devices are sub-segmented into x-ray machines, computed tomography (CT) scanners, ultrasound systems, magnetic resonance imaging (MRI) machines, electrocardiography (ECG) systems, patient monitors and others. The patient monitors segment is sub-segmented into portable patient monitoring devices and others.
The segment of therapeutic devices is sub-segmented into heart-lung machines, coagulation analyzers, infant incubators and warmers, defibrillators, infusion pumps and others.
Based on region, the refurbished medical devices market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, North America will spearhead the refurbished medical devices market during assessment period owing to growing awareness of refurbished devices coupled with the well-developed healthcare sector in this region. North America is followed by Europe and Asia Pacific, both of which share a similar form of market. Yet the market in the APAC region possess the highest growth rate. On the other hand, the arket in the Middle East and Africa is likely to have minimal market share during the assessment period.
the refurbished medical devices market Players include Block Imaging International (U.S.), Toshiba Medical System (Japan), Soma Technology (U.S.), First Source, Inc (U.S.), Johnson & Johnson (U.S.), DMS Topline (U.S.), Agito Medical (Denmark), Siemens Healthcare (Germany), Phillips Healthcare (Netherlands), Stryker Corporation (U.S.), and GE Healthcare (U.S.).
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